Location: Newark, NJ | Metro: Newark, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,550 |
| 1 Bedroom | $1,750 |
| 2 Bedrooms | $2,110 |
| 3 Bedrooms | $2,630 |
| 4 Bedrooms | $3,010 |
| 5 Bedrooms | $3,492 |
| 6 Bedrooms | $3,911 |
| 7 Bedrooms | $4,224 |
| 8 Bedrooms | $4,435 |
The analysis of ZIP code 07051 within the Newark, NJ HUD Metro FMR Area reveals several key points that are crucial for landlords and small-portfolio investors.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for the area is set at $1810 for fiscal year 2024. However, without specific market rent data, it's challenging to make a direct comparison. This gap in information suggests a need for further investigation into local rental trends to ensure the FMR aligns with actual market conditions.
Regarding the affordability of acquisition, the lack of data on median home values, days on market (DOM), and the percentage of homes requiring price cuts makes it difficult to assess the ease or difficulty of purchasing properties. Investors should seek detailed real estate market reports to understand these dynamics fully.
Tenant demand is another critical factor. With no specific population numbers or the percentage of renters in the area provided, it's essential to research local demographics and housing patterns to gauge the potential for finding tenants. A high percentage of renters typically indicates strong demand for rental properties.
In summary, while the Fair Market Rent for ZIP 07051 is established at $1810, the absence of detailed market data—such as median home values, days on market, price-cut percentages, and tenant demographics—limits a comprehensive analysis. Investors must fill these gaps with local market intelligence to make informed decisions about property acquisitions and rental pricing.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.